Moody's to Europe: You're On Notice

This transcript has been automatically generated and may not be 100% accurate.

on ... the ... keeping an eye especially in the market ... tell the first looks to me is that as an eighties downgrading ... six ... financial stations ... that is obviously ... a big blow it seemed to be a big blow to burst ... but you know whats interesting and this continues the theme of overseeing its essence twelve is this is almost the nomination for ... U S markets U S investors are seeing this ... and where they had been reacting ... you know enormously to the statin use in two thousand eleven ... this year not so much and so you see it in the futures market rate now stock futures or something and change renowned thousand five hundred down just a little bit but ... really essentially an odd move to Sosa to the ... in a while I get so scared ... it may be complacency or it may just be that this is the story has been around for years now and people were wondering into the fall of what is this going to finally get priced and so ... for the moment right now for the moment right here right now it here is that people are pricing in this Tuesday's downgrades of something that you did ok but the futures are it ... did ... why right I mean just absolutely flat I ... in February ... and it certainly it's the reason why I mean you look at the Vicks which is the so-called fear gauge for the stock market it's down of the world's wanting ... so yet you know people say ... the site of a calm market or sign complacent market that's that that that stupid question ... in keeping its because people think well this will just get a top they've been talking about it didn't make the lives they've been having meetings the Allied things are happening the getting together so that somewhere down the line the words all this or is it just the sense that they just can't even get their heads around that rate now Savannah ... the former ... so far not been well not a move is on something they can protect right well I mean Greece has to solve its problem ... the ... presets to come up with a solution ... by mid March to come up with ... during the week the payoff is that this ... is the NFL in this this problem if all you're probably OK and and then they come together to figure that that's the other big bets the other issue I mean they have to be overcome in ... green FINS lease ... going keep away from ... you know keep the contagion way from ... Sunday in Portugal Ireland exactly exactly contagion is the isthe big here in town you saw there were some of economic sentiment numbers out of Germany that actually wear it to couples the first positive reading since May two thousand eleven so ... that may be a sign that you know Greece's problems are somewhat Isaly the key to say that with this conviction because it's so it's still too early to tell whether the contagion effect will really take place or not but it seems to be ... at the moment rate now is that ... you know us investors are you know that this is an issue ... this is been an issue for quite some time and it appears to be somewhat price then and then moving on to other things such as earnings that as economic data and then you know they were giving the re Telcel's was a standout ... up few minutes ago ... um and so ... you know that the focus has shifted offer better for worse and whether it will come back that still remains the scene but they doubt this moment the focusing citizen forgot that Monday's down with a bit more on the UK is reading how great it again ... it was the first first I the UK rating has been one of the day was warned about it that is kind of the new muse I would say in this situation ... I told Bob I ... love to get your take on the summit that something that is worth noting but I don't know that the huge concern now know it and I mean he did get to your point about ... economic aid to Italy statistically has been very encouraging ... on the corporate earnings have been coming through ... with better than expected results ... can be your sentiment on the part of investors ... remains extremely robust we've got ... more than fifty percent ... of individual investors that it effectively saying ... you know yes I ate get up I'd rather ... I'd rather write this rally ... I've been sat on the cycle so ... a you know ... what is a concern I would say is don't have ... levers like I like your employer Barron's again Dow fifteen thousand ... professor Jeremy Siegel things out seventeen thousand ... you know all these people that are so Bo liao for a while big black and white black grey and that's what I do think that is the one concern now is that the bullish sentiment is too tight constraints and say that ... that could be a sign that awful or over getting overbought market can remain over the ...